RBI imposes fine on SBI, Canara Bank, City Union Bank for regulatory norms violation

The Reserve Bank of India (RBI), on Monday, said it has imposed penalties amounting to almost Rs 3 crore on State Bank of India, Canara Bank, and City Union Bank for violation of regulatory norms.

In a statement, the RBI said a penalty of Rs 2 crore has been imposed on the State Bank of India (SBI) for contravention of certain norms related to the Depositor Education Awareness Fund Scheme, 2014.

A penalty of Rs 66 lakh has been imposed on City Union Bank Limited for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances–Divergence in NPA Accounts’ and Know Your Customer…
Read More…

Source: https://www.theweek.in/news/biz-tech/2024/02/26/rbi-imposes-fine-on-sbi-canara-bank-city-union-bank-for-regulatory-norms-violation.amp.html

City Union Bank Outlook for the Week (April 29, 2024 – May 03, 2024)

qip: City Union Bank plans to raise up to Rs 500 cr via QIP

City Union Bank on Monday said it will raise Rs 500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of Rs 500 crore, City Union Bank said in a regulatory filing. The private sector lender said that shareholders’ nod would be sought in the annual general meeting for the capital raise plan. Last year, the bank obtained shareholders’ nod for raising Rs 500 crore through QIP but could not utilise, it said.
Read More…

Source: https://m.economictimes.com/markets/stocks/news/city-union-bank-plans-to-raise-up-to-rs-500-cr-via-qip/amp_articleshow/101286166.cms

My father was a daredevil, an ideal model of Sanatana Dharma, says dancer Padma Subrahmanyam

“My father was a daredevil at a time when we (India) were not independent (from the British rule). He boldly spoke against Indians being ruled by foreigners and had the guts to criticise the ills in the society, not only in the political background but also in the social scenario. He brought out all that beautifully,” said Padma Vibhushan Padma Subrahmanyam at the 120th birth anniversary of movie director K. Subrahmanyam.An hour-long film on the ‘Thirai Ulaga Thanthai’ (Father of the film world), produced by Krishnaswamy Associates Limited in 2010 with excerpts from his movies, Pavalakkodi (1934) and Thyagaboomi (1939), was screened at the event.Two e-books on his life lessons…
Read More…

Source: https://www.thehindu.com/news/cities/chennai/my-father-was-a-daredevil-an-ideal-model-of-sanatana-dharma-says-dancer-padma-subrahmanyam/article68088881.ece/amp/

Meet Lakshmi- your new self-service aid | Do Big Stories

-By Ashwani Mishra, ETCIO.com Lakshmi, the country’s first banking robot is helping City Union Bank transition towards a new self-service era. A few years ago, use of robots may have seemed to be many years away from reality, but it now appears that we are reaching a tipping point in human-robot collaboration. Meet Lakshmi, the two-foot robot that is pushing the Kumbakonam-based City Union Bank (CUB) towards a new self-service era. CUB Lakshmi, as it is fondly called in the bank, speaks English, can gesture and engage in conversations. It can interact on more than 125 subjects with customers, and can answer queries around interest rates on loans, checking the account balance and more….
Read More…

Source: https://cio.economictimes.indiatimes.com/dobig/news/detail/1246

HDFC AMC gets RBI approval to raise stakes in five pvt banks

MUMBAI :HDFC Asset Management Co. Ltd, or HDFC AMC, has secured the Reserve Bank of India’s (RBI’s) approval to raise its stake to 9.5% in five private lenders, signalling growing investor interest in private lenders and a potential bullish trend.

India’s third-largest asset manager was granted regulatory approval to raise stakes in Karur Vysya Bank Ltd, DCB Bank Ltd, Equitas Small Finance Bank Ltd, Federal Bank Ltd, and City Union Bank, the lenders said in separate exchange fillings.

City Union Bank introduces New Digital Products

City Union Bank Limited (“CUB”) in association with NPCI (National Payments Corporation of India) launched the following facilities for its customers.a) Conversational Payments – “Hello UPI” in UPI123 payCity Union Bank had already launched IVR based payment product UPI123 for feature phones through which customers will be making payments through a step by step manual process. As part of next innovation, they have launched “HELLO UPI” Conversational Payment through UPI 123 in Regional Languages. Customers can now make conversational payments through their Smart Phone or Feature Phone in their own language using voice. This will benefit majority ofcustomers who prefer…
Read More…

Source: https://www.newindianexpress.com/amp/story/business/press-releases/2023/Oct/09/city-union-bank-introduces-new-digital-products-2622293.html

Buy City Union Bank; target of Rs 170: ICICI Securities

Story continues below Advertisement

ICICI Securitie’s research report on City Union Bank
Despite broadly stable 1.5% RoA over the last 7 quarters, CUBK’s stock has underperformed peers due to concerns about subdued loan growth / NIM performance in arguably one of the best NIM cycle in recent times. Over the past couple of quarters, the bank seems to have addressed legacy issues impacting loan growth (better internal control, run-down of KCC gold loan, etc.) and has overhauled its IT systems (new LOS running in-parallel with the support of BCG and…
Read More…

Source: https://www.moneycontrol.com/news/business/earnings/buy-city-union-bank-target-of-rs-170-icici-securities-12699341.html/amp

City Union Bank Limited (NSE:CUB) institutional owners may be pleased with recent gains after 23% loss over the past year – Simply Wall St

City Union Bank Limited (NSE:CUB) institutional owners may be pleased with recent gains after 23% loss over the past year Simply Wall St
Read More…

Source: https://simplywall.st/stocks/in/banks/nse-cub/city-union-bank-shares/news/city-union-bank-limited-nsecub-institutional-owners-may-be-pR
https://simplywall.st/stocks/in/banks/nse-cub/city-union-bank-shares/news/city-union-bank-limited-nsecub-institutional-owners-may-be-p/amp

City Union Bank Third Quarter 2024 Earnings: EPS: ₹3.42 (vs ₹2.94 in 3Q 2023)

City Union Bank (NSE:CUB) Third Quarter 2024 ResultsKey Financial Results Revenue: ₹6.63b (up 19% from 3Q 2023). Net income: ₹2.53b (up 16% from 3Q 2023). Profit margin: 38% (down from 39% in 3Q 2023). The decrease in margin was driven by higher expenses. EPS: ₹3.42 (up from ₹2.94 in 3Q 2023). NSEI:CUB Earnings and Revenue Growth February 3rd 2024 All figures shown in the chart above are for the trailing 12 month (TTM) period City Union Bank Earnings Insights Looking ahead, revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in India. Performance of the Indian Banks industry. The company’s…
Read More…

Source: https://simplywall.st/stocks/in/banks/nse-cub/city-union-bank-shares/news/city-union-bank-third-quarter-2024-earnings-eps-342-vs-294-i